A small business has determined that the machinery they currently use will wear out in 16 years. To replace the new machine when it wears out, the company wants to establish a savings account today. If the Interest rate on the account is 2 percent compounded quarterly and the cost of the machinery will be $345,000, how much will the company have to deposit today? Multiple Choice $98,43747 $9754224 $251,313.81 $100,70221 $99,300.95